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Today’s low unemployment rate is great for workers and the economy, but it’s a mixed blessing for employers. It’s tough and getting tougher to find and retain the right people in the right positions. This has always been a challenge, but today’s labor market is making it even harder.
It is vital to the success of a franchise, or any business, to employ good people and keep them on the job, and the hidden costs of high employee turnover should not be ignored.
According to Society Human Resource Management, the cost of turnover is $3,000 to $8,000 per position depending on the level of the position and the amount of time it takes to find a replacement. This takes into account the cost to recruit and train a new hire and the cost to shift duties to other employees in the interim.
Another hidden cost is impact to the morale of other employees who often assume extra work when someone leaves. If you’re not careful, one resignation could snowball into several. But even if they stay, the employees who assume the workload will suffer from lower productivity. Customer service, customer relationships and timely product delivery can also feel the impact of employee turnover.
If you are concerned about employee turnover, it’s time to look at the things that can attract quality staff and keep them working for you. Here are a few tips.
What Do Employees Want?
Workers are finally able to pick and choose the right jobs for them instead of taking the first job that comes along. That’s great news for them, but employers who don’t up their recruitment game won’t make the cut.
First, think about what employees want and what keeps them on the job. People want to work in environments where they are comfortable physically, emotionally and mentally. They want to feel appreciated for the work they do, both in monetary compensation and verbal recognition. They want their work to make a difference in the world, and they want opportunities for advancement. The same factors that attract quality workers to a job are the factors that keep them on the job. Employers ignore them to their peril.
To recruit the right people, make these factors clear in advertisements and interviews. Then, follow through with a great company culture where employees feel valued, supported and challenged. You’ll build employee loyalty and see slower turnover.
Don’t Cut Corners
Slow down. Don’t lower your hiring standards just to fill a position. Even if you feel desperate, remember the monetary and morale cost of hiring the wrong person. Likewise, don’t rush training just to get a new hire on the job faster, as this can also lead to turnover.
Pay attention to and reward the employees who stay. Strive to take excellent care of them with appreciation, recognition and ongoing actions that help them feel valued and take pride in what they do.
It is especially important to “walk the talk” of company culture during the tough, short-staffed times. Company culture extends to everyone, especially managers who exemplify that culture to employees.
Build Your Future with Good Hires
Investing in quality employees who share your vision for the future of your company is the best way to ensure tomorrow’s growth and success. By taking your time with recruiting, carefully crafting pay and benefits, and committing to a supportive company culture, you can slow employee turnover and find the right people for you.
December 21, 2018 at 07:16AM
Forbes – Entrepreneurs